Market Analysis About Power Soaps Ltd Essay
Market Analysis About Power Soaps Ltd
In the present scenario marketing comes into a wide variety of flavours based on audience, media, platform and heavy competition . Therefore, it’s no surprise that marketers define what they do differently. Market analysis is the study of attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and this in turn result in the global environmental analysis. Through all these analyses the chances, strengths, weaknesses and risks of a company can be identified. Here, the paper focus the market analysis of power soaps ltd.
Power Soaps is a household name in the detergent and bathing soap Segment in South India. The brand stands proud as a triumph of trepreneurial spirt, vision and a customer-centric business. A Dream Unfolds Started in the 1970’s, Power Soaps was established as the Gold Company and operated with a single unit at Kodai Road, Dindigul Dist, Tamilnadu. It was founded by Krishna Nadar, a visionary entrepreneur who believed that there existed a great demand for quality yet affordable detergent soaps. His sharp business acumen and astute strategies paved the way for the rapid growth of the brand. He built the business on the strong foundation of ethics and building enduring customer relationship.
Moving to The Next Level After R Krishnan , the mantle was taken over by his son K.Dhanapal who took it to newer heights and the company expanded. In 1998, detergent powder was introduced and this was an extremely successful venture too. Three more manufacturing units Power Soaps Limited at Puducherry, Abirami Chemicals Pondicherry and Praveen Chem Industry at Karaikal were added to meet the increasing demand for Power products.
The Growth Spurt The consistent success of the company inspired it to diversify into various segments. It ventured into the personal care industry too, with hair care products like the Nature Power range of shampoos and skin care products like the Nature Power range of beauty soaps, Clora Toothpaste, Laa Talc and Laa Fair Fairness cream. The company also diversified into the soft drink market with Powersoft Drinks Pvt Ltd., formerly Elanjikal Soft Drinks Chennai Pvt. Ltd., at Padappai, 14 kms from Tambaram in Tamil Nadu. The Mango Dice brand was manufactured here. Hello Water and Power Water mineral water brands were also introduced. Taking on a New Identity The next step was to consolidate all brands under one umbrella and this was done through creating the Power Soaps identity.
This created a leap in brand value and image. Later, Power exited the soft drink and water business to sharpen the focus on detergents and personal care . Power Soaps with its huge bouquet of detergent and personal care brands has a huge presence across South India and exports to countries like the Gulf. The quality products have been appreciated by customers making it a household name. The brands are backed by a strong world class manufacturing facilities located at Sembiapalayam. Gummudipoondi, Periyapalayan, Silvassa and Karaikal. The entire production cycle from intake of raw material, processing, manufacturing, quality checks and rollout of the product is carried out seamlessly.
This allows controlling the quality and maintaining the consistency of products. All plants are manned by dedicated and efficient technical personnel with domain expertise who keep operations moving smoothly. State Of Art Infrastructure Power Soaps has always stayed at the forefront of technology, innovation and quality built on a backbone of a strong infrastructure. State-of-art technology and equipment are the norm at every plant. Quality processes and the Best Practices ensure that what reaches each customer is world class quality at an affordable cost.
Research And Development R&D is an ongoing initiative and they have a full-fledged centre. A team works consistently to innovate and add value to the product line. All products are driven by innovation and technology and it’s this trait that endears them to customers.
1999) set three essential steps for marketing management: market segmentation, market segment targeting, and design and implementation of marketing mix. While it is not difficult to see that each of these steps requires special handling under the new marketing vehicle of the Internet, the crucial importance of market segmentation as the foundation for the follow-up steps remains unchanged. We must know who our customers are, what special characteristics they exhibit and what shopping preferences they have before we can find effective ways to reach them and design the right products or services for them. According to Akar the following are the dimensions of market analysis.
•Market size (current and future)
•Market growth rate
•Industry cost structure
•Key success factors
Review of literature
Kristof et al., (2005) analysed the influence of consumer perception on store brands and national brands. The objective of this study is threefold. First, the authors want to use taste tests to assess how four store brands that are differently positioned compare to one national brand in terms of perceived brand equity.
Second, the authors -*rrent brand loyalty towards these brands. Third, they want to find out whether store patronage has an influence on perceived brand equity of store versus national brands. A total of 225 consumers were involved in a repeated measures design involving two within-subject factors: a blind and non-blind taste test of five orange juice brands. Across our three objectives, we describe the impact of the retailers’ positioning strategies on the results generated. The results confirm the common belief that private label products can offer the same or even better quality than national brands, but at a lower price. Christopher et al., (2005) analysed about attitudinal loyalty in the development of customer relationship management strategy within service firms.
The purpose of this research is to investigate the objectives and strategies of CRM in the finance industry and to compare these with the CRM objectives and strategies found in other service industries. The authors investigate to what degree the development of attitudinal loyalty is a factor in the creation of CRM strategy. This study is a qualitative study made up of 25 one-hour interviews with marketing and CRM managers. These 25 interviews consist of 11 interviews from the finance industry and 14 interviews from other industries as comparators. To facilitate the management of customer relationships, software manufacturers have developed customer relationship management (CRM) systems.
These are enterprise-wide applications that can provide a single view of any customer’s interactions with the company by tracking communications from both sides, recording purchases and thus developing an understanding of each customer’s preferences. The need to generate behavioural loyalty has been identified as one of the major drivers for implementing CRM systems. There is relatively little research on attitudinal loyalty and CRM, however, with the bulk of the research conducted so far being focused on behavioural loyalty. The emphasis on behavioural loyalty has led to CRM being used to develop behavioural loyalty strategies.
Generally speaking these strategies involve creating loyalty programmes, where incentives are offered to generate repeat purchase, or to sell more of the organisation’s products and services to existing customers. Jung-Chae (2010) done a research on the moderating role of product involvement. Drawing on the attitude accessibility and stability theories, they investigated the moderating role of product involvement in the customer satisfaction-loyalty relation. Structural equation modeling shows that customer satisfaction has both direct and indirect effects on loyalty, whereas ad attitudes and corporate image have only indirect effects through their mediating influence on brand attitudes.
Furthermore, product involvement decreases the direct effects of satisfaction on brand attitudes and loyalty, but it increases the indirect effects of ad attitudes and corporate image. Shiv Prasad (2011) analysed about value creation mechanism and climate issues. “Cut throat competition is increasing with new business challenges and both customer and environment are putting swift torque to business drivers. Undoubtedly, businesses are running for wealth & profit creation but customer value enhancement and satisfaction have significant part in the outcomes of business intermediary processes and these processes are putting adverse impacts on ecosystem.
Natural resources are depleted by rapid industrialization and reflecting negative climate change. Divergently, customers are becoming intelligent, eco conscious and technology savvy and thus they are “value takers”. It comprises organization, people and environment which are the principle dimensions and these are analysed to fabricate excellent value chain to enhance customer value premises for nurturing pragmatic business functions. The present paper envisages empirical investigation covering environmental changes and sustainable development which affects value creation mechanism in the modern aggressive and knowledge equipped society.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 1 October 2016
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